SUMMARY
- Tesla, led by Elon Musk, has transferred more than $770 million in Bitcoin to new addresses.
- This move may indicate the company’s intention to sell additional portions of its Bitcoin holdings.
Tesla, led by Elon Musk, has moved 11,509 bitcoins valued at around $770 million to new addresses. This activity likely signals potential plans for selling more of its holdings. According to on-chain information from Arkham Research, this transfer may include the entirety of Tesla’s remaining Bitcoin treasury, which the company once held at around 43,000 bitcoins.
The transfers happened over the past hour, following six test transactions. This marks Tesla’s first engagement with its Bitcoin wallets since selling off the larger part of its holdings in 2022. Before these recent transactions, Tesla supposedly held approximately 9,720 bitcoins worth around $650 million. However, Arkham Research gauges that the real sum is higher, possibly amounting to 11,509 bitcoins across 68 addresses.
Tesla is the third-largest Bitcoin holder among publicly traded companies, behind MicroStrategy and MARA, previously known as Marathon Digital. The electric vehicle manufacturer has acknowledged Bitcoin payments for car purchases, further setting its association with the cryptocurrency. Despite being dormant in Bitcoin trading for over two years, speculation is rising concerning Tesla’s recent activity.
Analysts suggest that Tesla might be preparing for another sale, comparable to its previous divestments in early 2021 and 2022. In the first quarter of 2021, Musk authorized the sale of $272 million worth of Bitcoin, resulting in a profit of $128 million as Bitcoin prices surged to about $62,000. Afterward, in the second quarter of 2022, Tesla sold $936 million worth of Bitcoin, netting $64 million in gains despite the prevailing bearish market sentiment.
Tesla’s history with Bitcoin has been marked by outstanding transactions, leading to continuous speculation about its future procedures. As the electric vehicle manufacturer prepares to declare its third-quarter financial results on October 23, analysts and investors alike are enthusiastic for insights into the company’s plans regarding its Bitcoin holdings. With the cryptocurrency market’s volatility and Tesla’s critical investments, the upcoming report may give significant data on the company’s direction in this evolving scene.